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The Tax Risk Cube

Your next step to tax risk management

In these times of economic uncertainty and regulatory change, leading organisations are taking a proactive approach to risk management across the full spectrum of their activities. Tax is not excluded and, as the majority of tax risk arises from day-to-day business operations, how should you respond?

For many of you, most of the controls you have will be robust. However there will be aspects that you may be concerned about or have little insight into. As your business and the regulatory landscape changes, weaknesses may emerge even in the strongest controls.

The Risk Intelligent Enterprise

We believe that risk is a key input into leadership decisions rather than something to be managed only after the fact. Deloitte has established the Risk Intelligent Enterprise framework to help you comprehensively identify, assess and control down-side risk and protect value-creating opportunities. Within this framework we have developed specific tools to help you focus on risk in the financial reporting and compliance of Tax.

Introducing the Tax Risk Cube

The Tax Risk Cube is an online diagnostic tool that will help you to evaluate rapidly the current state of your arrangements at different levels within your organisation and prioritise where you may need to focus next. The assessment can benchmark against other organisations, giving you insight into how others are responding.

The Tax Risk Cube contains a structured set of questions covering Direct Tax, Indirect Tax, Customs and Excise Duties and Employment Tax. Each area is assessed across the four key components of an integrated risk framework: Risk Controls, Process, People and Organisation and Systems.